According to the agreement, PIA will begin lease negotiations with FreshGrocer, and Kravco will proceed with plans to build the 40,000-sf anchorsupermarket. PIA treasurer Alvin Tucker expects to reach a lease agreementwith Fresh Grocer this spring and Kravco expects to break ground this year.
Progress Plaza currently consists of 66,000 sf of retail and office space onfour acres at Broad and Oxford Streets. Plans call for an expansion ofretail space on the current lot to 70,000 sf and an additional 19,000 sf of officespace in addition to the new Fresh Grocer supermarket.
Progress Plaza is the first African American-owned and operated shoppingcenter in the US. It was built in 1968 by the late Rev. Leon H. Sullivanwith 4,000 contributions of $360 each by members of Sullivan's congregation atZion Baptist Church and other members of the community.
Fresh Grocer currently operates a supermarket at 40th and Walnut St. and hasa new unit under construction at 56th and Chestnut St. Tucker draws aparallel between the populations Fresh Grocer serves at its existing storenear the University of Pennsylvania and the Progress Plaza location, whichis near the Temple University campus. Both serve diverse urban neighborhoods.
"The shopping center will be redeveloped with significant minorityparticipation and employment opportunities in terms of ownership, design andconstruction contracts," Tucker said.
Lewis Gantman, president of Kravco, said Fresh Grocer's letter of intent"demonstrates the level of interest generated by an urban revitalizationproject. We believe the Progress Plaza project will become a catalyst forcommunity development and economic empowerment in North Philadelphia."
Kravco was chosen by PIA because of its experience in developing urbanareas. It is the largest retail development and management company in thePhiladelphia area.
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